InvestorQ : How has the performance of the PSU banks in the June 2022 quarter been?
prachi Patwardhan made post

How has the performance of the PSU banks in the June 2022 quarter been?

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sara Kunju answered.
2 months ago
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For a change, the PSU banks put up a stellar performance in the June 2022 quarter. The 12 leading PSU banks in India earned cumulative net profits of close to Rs15,306 crore. That is almost 9.2% higher on a yoy basis. However, it must be remembered that this performance is despite the sharp fall in net profits reported by SBI on account of heavy MTM write-offs in Q1FY23. Even PNB and Bank of India took fairly heavy MTM losses in the quarter.

These 12 banks had recorded net profits of Rs14,013 crore in Q1FY22 and at that time, SBI had been a major contributor to profits in the last year first quarter. In contrast, this time around, the contribution has come entirely from the non-SBI banks. Most banks have been facing the problem of MTM losses due to hardening yields. BOB led the show with 79% higher net profits at Rs2,168 crore while Bank of Maharashtra earned Rs452 crore.

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